Still plenty of takers for luxury realty in Dubai

GN1 bedroom show apartments during a media tour of Kempinski Residences Business Bay l Image Credit: Zarina Fernandes/Gulf News

Dubai: Worried about selling luxury property in Dubai? When you have sold a Dh111 million penthouse (at Al Habtoor City on Shaikh Zayed Road) to a Saudi investor, worry should be the last sentiment on anyone’s mind. For Dr. Brian Etemad, CEO of Tamleek Real Estate Co., there is no such thing as a good or bad time to market Dubai realty. “It’s my strong belief that The fourth quarter of 2016 will see an upsurge in tactical buying by wealthy investors,” Etemad added. “When you have so much anxiety translating into investor uncertainty, Dubai seems to be the only place that can offer any certainty.

“There are so many investors who are confused about what Brexit would mean eventually for their assets. And even if Brexit does prove to be good in the future for London, right now many of these investors can be offered an option in Dubai.

“We are the exclusive agents for the residences in the Habtoor City development where the penthouse prices are in the Dh6,000-Dh7,000 range at the first tower. We recently sold one of the six (penthouses) for Dh111 million.” (Al Habtoor City will feature three residential towers apart from hotels such as the W and St. Regis. Only the first tower — a 75 storey structure — has had a sales launch to date. Prices for units other than the penthouses are between Dh1,900-Dh2,700.

“Demand is very much there for exclusive off-plan launches involving Dubai property,” said Etemad.

This will be further tested with the sales launch of the Kempinski Residences — a ground plus 61-storey structure — at Business Bay, and where 90 per cent of the units will offer “uninterrupted views of the Burj Khalifa”. “And there’s nothing that will come in front of it,” the CEO said.

Due for completion in The fourth quarter of 2019, the project is being developed by Gemstone, the real estate arm of Saudi Arabia’s Al Rajhi Holding Group. Tamleek is responsible for all the sales and marketing of the 800 apartments at the tower. The top two floors have been reserved for penthouses.

On a per square foot basis, the range is between Dh2,100 to Dh2,500. The units command prices of Dh1.6 million for a one-bedroom located in one of the lower floors and soaring all the way to Dh12 million for a penthouse.

This would be the second Kempinski branded residences in Dubai. (The first is located on the Palm.)

“The Kempinski branding would work well with the investor base we are going after,” said Etemad. “This is just the Phase 1 sales we have launched, featuring a mix of units spread across the lower, middle and top floors. This way we will ensure an even spread of demand.

“The dates for Phase 2 will be finalised based on the feedback we can generate from the first one.”

“The sales process for luxury real estate in Dubai has not extended into months because of the market situation — at least not based on our experience.”

Source: Manoj Nair, Associate Editor, gulfnews.comGN


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